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On November 30, Teri received a current distribution of cash of $4,000, marketable securities with a basis of $24,000 and an FMV of $30,000, and inventory with a basis of $2,000 and an FMV of $6,000. Prior to the distribution, Teri's basis in her interest in the partnership was $30,000. (There is no Sec. 751 exchange as a result of the distribution.)How much gain (if any)must Teri recognize as a result of the distribution?
Behavioral Similarity
The extent to which individuals or species exhibit comparable patterns of behavior, often due to genetic, environmental, or social influences.
Phenotype
The observable characteristics or traits of an organism, resulting from the interaction of its genotype with the environment.
Genotype
The genetic makeup of an organism, determining inherited characteristics.
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